Pro Trader: Commodities Nearing a Top?

That was a question for Fast Money traders ahead of one of the most anticipated IPOs since General Motors’ own last November.

Glencore International, the world’s largest commodity house, plans to raise as much as $11 billion in an initial public offering scheduled to price this week. The IPO comes at a time when commodities have seen violent swings due to margin hikes, dollar strength and fears of slowing global demand.

Dennis Gartman, of the Gartman Letter, was banking that Glencore’s IPO may be a sign of a top – at least in the near term. Gartman had lightened up on his long commodity positions in recent weeks and planned to continue to do so.

“Glencore could have gone public almost anytime and it has chosen to go public right now,” said Gartman. “I think one has to be very careful being bullish of commodities when Glencore is cashing in.”

That said, Gartman, who will discuss threats to the commodity bull market on tonight’s Fast Money at 5PM, believes the fundamental case for commodities is still bullish in the long-term. Global demand, he said, is not slowing.

Though Europe's peripheral nations have remained mired in recession, German and French GDP recently beat expectations. The IMF is predicting that China’s GDP will grow at about 9.6% this year. U.S. GDP is expected to grow 2.8% this year, according to the U.S. National Association for Business Economics.

______________________________________________________Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to fastmoney@cnbc.com.

For Joe TerranovaTerranova is Chief Market Strategist of Virtus Investment Partners, LTDVirtus Investment Partners Owns More Than 1% Of (ABAX)Virtus Investment Partners Owns More Than 1% Of (AMKR)Virtus Investment Partners Owns More Than 1% Of (CCG)Virtus Investment Partners Owns More Than 1% Of (CASS)Virtus Investment Partners Owns More Than 1% Of (CSVI)Virtus Investment Partners Owns More Than 1% Of (EXR)Virtus Investment Partners Owns More Than 1% Of (FCFS)Virtus Investment Partners Owns More Than 1% Of (IGE)Virtus Investment Partners Owns More Than 1% Of (KRC)Virtus Investment Partners Owns More Than 1% Of (LDR)Virtus Investment Partners Owns More Than 1% Of (NRCI)Virtus Investment Partners Owns More Than 1% Of (DBV)Virtus Investment Partners Owns More Than 1% Of (XLB)Virtus Investment Partners Owns More Than 1% Of (XLV)Virtus Investment Partners Owns More Than 1% Of (XLP)Virtus Investment Partners Owns More Than 1% Of (XLY)Virtus Investment Partners Owns More Than 1% Of (XLE)Virtus Investment Partners Owns More Than 1% Of (XLF)Virtus Investment Partners Owns More Than 1% Of (XLI)Virtus Investment Partners Owns More Than 1% Of (XLK)Virtus Investment Partners Owns More Than 1% Of (XLU)Virtus Investment Partners Owns More Than 1% Of (SUBK)Virtus Investment Partners Owns More Than 1% Of (WDFC)Virtus Investment Partners Owns More Than 1% Of (YDNT)Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & URL PLCVirtus Investment Partners Owns More Than 1% Of (DRYS)

For Zachary KarabellRiver Twice Capital owns (QCOM)River Twice Capital is short (LCC)River Twice Capital is short (SPY)River Twice Capital is short (QQQ)